Three essential adjustments to your business’s P&C insurance in 2024


As the Canadian business landscape continues to change, it’s crucial for businesses to ensure their Property and Casualty (P&C) insurance evolves to meet industry standards and adapt to environmental changes. In this blog post, we delve into three pivotal modifications your P&C insurance should incorporate in 2024.


1. Climate change and natural disaster coverage

Climate change is no longer a distant threat but a present reality. In Canada, we’re witnessing an increase in the frequency and severity of natural disasters, including forest fires, flooding, storms, and drought. As a business owner, it’s essential to have insurance coverage that protects your property and assets against these natural disasters.

In 2024, P&C insurance policies are expected to include specialized coverage for climate risk. This coverage will not only protect your business against losses caused by natural disasters but also provide coverage for future losses as the climate changes. At Westland, we’re working closely with insurers to ensure our clients’ policies reflect these changes and provide comprehensive protection against climate-related risks.


2. Cybersecurity insurance

Since the start of the Russo-Ukrainian war, there has been a significant rise in cybercrime. Cyber attacks can cause significant financial damage and harm a business’s reputation. In 2024, it’s crucial for businesses to have insurance coverage for cybersecurity risks.

P&C insurers provide coverage for data breaches, cyber-extortion, and other types of cyber threats. Having cybersecurity insurance will give businesses peace of mind and financial protection in case of a cyber attack. Kent Letourneau, Senior Account Executive at Westland Insurance Group, emphasizes, “In this digital age, cybersecurity insurance isn’t just an option—it’s a necessity. At Westland, we’re committed to helping our clients navigate the digital landscape and ensure they’re protected against cyber threats.”


3. Legal trends

With the Canadian legal system witnessing a rise in lawsuits and claims , P&C insurance policies must adapt to these legal trends. In 2024, coverage should include areas of growing legal concern such as cyber liability, employment practices liability, and directors & officers liability. These areas aim to provide coverage for claims made by employees, stakeholders, and customers against a business.

Kent Letourneau adds, “The Canadian legal landscape is evolving, and so must our approach to insurance. By implementing coverage that addresses the increasingly litigious environment we face in Canada, we ensure our clients have comprehensive insurance coverage in the event of legal challenges.”



P&C insurance is an essential aspect of running a business. It provides coverage for damages caused by natural disasters, protects against cyber threats, and covers legal challenges. In 2024, businesses must have coverage that adapts to the ever-evolving environment and adapts to cover potential risks. Climate change is on the rise, and cyber threats are ever present; having insurance that caters to these threats will give you peace of mind, knowing you can safeguard your business from such possibilities.

Douglas H. Morrow, SVP, Commercial, Alberta and British Columbia at Westland Insurance Group, says, “By implementing these changes, businesses purchasing P&C insurance will be well-positioned for success in the coming years.”

Remember, it’s always best to talk to your broker or reach out to a Westland advisor to ensure your coverage is tailored to your specific needs.